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I owe about 70k in credit card debt. My income is about 60% from steady employment(recession proof), and 40% from my business. I can easily pay the mortgages on just my employment income.
It will take me two to three years to pay off my credit cards putting everything extra towards them. However, that would leave me with nothing to reinvest in growing my business, and would cost me a lot of interest. I could pay it off in half that time with a lower interest rate, and save thousands in interest. I was thinking about taking out an equity loan now, and once my credit score goes back up I could hopefully reduce the rate on my first mortgage by a point.
I have significant credit card debt that I would like to pay off with my home equity. My current FICO is 640. I don't have any negatives on my reports, just high credit utilization. I already have one equity loan with Penfed. Would it be best to take out a home equity loan, or to refinance my first two mortgages, and just have one mortgage if that's even possible with my current scores?